Property Market Information: More than 2,000 apartments approved over one day in Melbourne

By the resi financial blog team, 27 February 2014

Melbourne could be a great opportunity for those interested in purchasing apartments in the near future, with the Victorian Coalition government approving over 2,000 new units for the city earlier this week (February 25). Over the course of one day, five new high density developments were fast tracked, which could be great news for potential property investment in the Victorian capital city.

Minister for Planning Matthew Guy said the decision to bring forward these inner city housing developments was due to an increasing desire for property in Melbourne's central business district.

"The Australian dream of owning your own dwelling is still possible. With the release of these five towers in Melbourne, new home buyers and others can once again have confidence that the state government is aggressively tackling the housing affordability issue in outer as well as inner city markets," said Mr Guy in a February 25 statement.

"Demand in Melbourne's high-rise, high-density market is strong with recent surveys showing Melbourne now having more apartments being sold than Surfers Paradise. The state government is driving new jobs and investment into Melbourne with these 'Super Tuesday' permits."

With more than 2,000 apartments being constructed through these new approvals, this will result in $557 million worth of new construction work and up to 4,000 new jobs in the region - a huge financial boost for an already strengthening economy.

These approvals reflect the desire of Melbourne's citizens to keep high rise properties out of the suburbs, instead focusing their high density living style into the bustling metropolitan areas of the city.

"The state government has an unashamedly pro-Victoria and pro-Melbourne attitude to the construction sector. We are aggressively promoting central city growth. Victoria accommodates 25 per cent of Australia's population but we are punching above our weight by accounting for more than 27 per cent of national dwelling approvals over the last year," said Mr Guy.